WASHINGTON – In a move that is sure to raise the ire of the street-smart populists at CNBC, among many others, President Obama is preparing to announce a series of reforms intended to crack down on companies and individuals who use legal loopholes to avoid paying billions in taxes and others who break the law by creating hidden offshore accounts.

The new measures are to be announced Monday by Obama and Treasury Secretary Timothy Geithner, according to CNN.com.

“The two components of the president’s plan include reforms that ensure the tax code does not handicap companies seeking to create jobs at home, as well as reforms that reduce the amount of tax revenue lost to tax havens,” CNN reports, saying that the president’s plan will end the “check-the-box” provision “which allows corporations to designate overseas subsidiaries as branches of the company, not subjected to taxes. This tax loophole enables companies to avoid paying U.S. taxes.”

While currently legal, the administration claims that the loophole have cost the government $86.5 billion over the last 10 years, and hopes to raise $95.2 billion over the next 10 years by closing it. It also plans to raise $103.1 billion by removing tax advantages for investing overseas and will use that money to help make a tax credit permanent, senior administration officials told reporters during a Sunday evening conference call provided in advance of the announcement.

The adminitration expects a big fight over the reforms, not least by multinational corporations that will argue the new provisions stifle their ability to compete in the global economy. CNN reports that 200 letters in opposition have already been sent to members of Congress, and that officials expect a full-court press by lobbyists.